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Pension

12 Months Ended

Apr. 30, 2025

Pension

Pension

22. Pension

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As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung (“RZV”) service plan covers three former employees based on individual contracts issued to the employees. No other employees are eligible to participate. The Company has reinsurance policies taken out for participating former employees, which were pledged to the employees. The measurement date for the Company’s pension plan was April 30, 2025.

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The table below includes the projected benefit obligation and fair value of plan assets. The net fair value of plan assets is recorded in other assets on the consolidated balance sheets.

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​	​	​	​
​	​	April 30,
​	​	2025
​	​	(In thousands)
Projected benefit obligation	​	$	(3,335)
Fair value of plan assets	​		3,817
Funded status of the plan	​	$	482

​

Change in projected benefit obligation (in thousands):

​

​	​	​	​	​	​	​
​	​	2025		​	2024
Pension benefit obligation balance as of April 30, 2024 and 2023, respectively	​	$	(3,246)	​	$	(3,192)
Interest cost	​		(112)	​		(119)
Actuarial loss	​	​	16	​	​	(206)
Benefits paid	​	​	190	​	​	190
Foreign currency exchange rate changes	​	​	(183)	​	​	81
Pension benefit obligation balance as of April 30, 2025 and 2024, respectively	​	$	(3,335)	​	$	(3,246)

​

Change in plan assets (in thousands):

​

​	​	​	​	​	​	​
​	​	2025		​	2024
Fair value of plan assets as of April 30, 2024 and 2023, respectively	​	$	3,636	​	$	3,870
Expected return on plan assets	​	​	162	​	​	52
Benefits paid	​	​	(190)	​	​	(190)
Foreign currency exchange rate changes	​	​	209	​	​	(96)
Fair value of plan assets as of April 30, 2025 and 2024, respectively	​	$	3,817	​	$	3,636

​

The accumulated benefit obligation is approximately equal to the projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the Plan in the fiscal year ending April 30, 2026. The projected benefit obligation and projected fair value of plan assets include the assumptions in the table below.

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​	​	​	​	​	​	​
​	​	​	Year Ended	​	​	Year Ended
​	​	​	April 30,	​	​	April 30,
​	​	​	2025	​	​	2024
Discount rate	​	​	3.6%	​	​	3.9%
In-payment benefits	​		2.5%	​		2.5%
Expected return on plan assets	​	​	2.9%	​	​	2.9%

​

Expected benefits payments as of April 30, 2025 (in thousands):

​

​	​	​	​
2026	​	$	200
2027	​	​	208
2028	​		211
2029	​		213
2030	​	​	215
2031-2035	​		1,087
Total expected benefit payments	​	$	2,134

​

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Net periodic benefit cost is recorded in interest (expense) income, net (in thousands).

​

​	​	​	​	​	​	​	​	​	​
​	Year Ended April 30,
​	​	2025		​	2024		​	2023
​	​	(In thousands)		​	(In thousands)		​	(In thousands)
Actual return on plan assets	​	$	162	​	$	52	​	$	472
Interest cost	​		(112)	​		(119)	​		(70)
Actuarial gain (loss)	​	​	16	​	​	(206)	​	​	167
Net periodic benefit cost	​	$	66	​	$	(273)	​	$	569

​

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- Definition

The entire disclosure for retirement benefits.

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